Unique Client Codes (UCCs) with Non-Verified KRA Status

Metropolitan Stock Exchange of India Limited (MSE), vide Circular No. MSE/ID/18832/2026 dated April 02, 2026, has announced an important update regarding Unique Client Codes (UCCs) with Non-Verified KRA Status.

Key Details of the Update –

• The circular has been issued with reference to SEBI Circular No. SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated August 11, 2023 on simplification of KYC processes and rationalisation of the Risk Management Framework at KYC Registration Agencies (KRAs).

• SEBI has stipulated that clients whose KYC record attributes cannot be verified shall not be permitted to undertake further transactions in the securities market until such attributes are verified.

• Applicability: Applicable to all existing Unique Client Codes (UCCs) having non-verified KRA status in the Exchange’s UCC database.

• Members are required to mark inactive or close all existing UCCs that have not been verified by KRAs.

• Members experiencing issues related to client KRA status have been advised to coordinate directly with the respective KRAs.

• Effective Date: Immediate, with compliance required by April 30, 2026.

• Penalty/Consequence: Any non-compliance with the requirement to inactivate or close non-verified UCCs shall be viewed seriously by the Exchange.

Actions if Any –

• Members must identify all existing UCCs with non-verified KRA status and mark them inactive or close them in the Exchange UCC database.

• Members should contact the respective KRAs for any queries or issues relating to client KRA status.

Compliance Deadline –

• All existing UCCs with non-verified KRA status must be marked inactive or closed in the Exchange UCC database by April 30, 2026.